Major Intraday resistance - 143.20
Intraday support- 142
CHFJPY was one of the best performers his month and surged more than 500 pips from this month's low of 137.15. The pair gained strength despite the weak Swiss franc against all majors. The chance of aggressive rate hikes by the Fed has pushed CHF lower against the USD. The weakness in the yen also supports the pair at lower levels. Technically, in the 4-hour chart the pair trades above short-term ( 21 EMA), below 55- EMA, and the long-term 200- EMA (140.47). CHFJPY hits an intraday high of 142.85 and is currently trading around 142.58.
CCI and Directional movement index analysis-
CCI (50) - Bullish
ADX - Bullish
Technically, near-term support is around 142, and any indicative break below will drag the pair down to 141.50/140.47. The immediate resistance is at 143.20, and any convincing violation above targets 144/145.
It is good to buy on dips above 142 with SL around 141 for TP of 145.
